security agreement
- A contract that gives rise to, or establishes, a right of security interest
- The borrower and the lender signed a security agreement outlining the terms of the collateral for the loan.
- The security agreement states that the bank holds a security interest in the homeowner's property.
- Before issuing the loan, the bank required a security agreement to ensure they could seize certain assets if the borrower defaulted on their payments.
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